By John Gillespie,David Zweig
in response to their employment agreements -- licensed by means of forums -- ninety six percentage of huge corporation CEOs have promises that don't let them be fired "for reason" for unsatisfactory functionality, this means that they could stroll away with large payouts, and forty nine percentage can't be fired even for breaking the legislations through failing of their fiduciary tasks to shareholders.
the overall cars board gave CEO Rick Wagoner a sixty four percentage pay elevate -- to $15.7 million -- in 2007, while the corporate misplaced $38.7 billion. the corporate went bankrupt years later at a value of $52 billion to shareholders and one other $13.4 billion to all taxpayers.
in case you personal inventory -- and fifty seven million U.S. families do -- each cent of those outrages comes from your pocket, due to forums of administrators who're imagined to signify your pursuits. each client, worker, and taxpayer can also be being harm and American enterprise is being imperiled. within the most modern monetary cave in, just about all realization has thinking about the greed, recklessness, or incompetence of CEOs instead of the negligence of forums, who needs to be held both, if no more, in charge as the CEOs theoretically paintings for them. however the global of forums has develop into an entrenched insiders' membership -- almost freed from responsibility or own legal responsibility. Too usually, company forums act as allowing lapdogs instead of reliable watchdogs, costing us trillions.
Money for Nothing exposes the obtrusive flaws during this dysfunctional approach, together with administrators who're chosen by way of the CEOs they're intended to carry liable; repayment experts who legitimize outrageous pay; accountants and lawyers who see no evil; felony vote purchasing; rampant conflicts of curiosity; and masses extra.
utilizing their large unique reporting and interviews with high-level insiders, John Gillespie and David Zweig -- either Harvard MBAs with thirty-plus years of Fortune a hundred adventure at funding banks and media businesses -- disclose what occurred, or did not occur, within the boardrooms of businesses resembling Lehman Brothers, common vehicles, undergo Stearns, and national and the way it has ended in loads monetary devastation. They show how the byzantine but indestructible net of energy and cash has caused cave in after cave in, with fig-leaf reforms that feebly count on final year's scandal, yet by no means subsequent year's.
Money for Nothing exhibits how the sport is performed, and the way you could support to call for genuine switch in a badly damaged system.
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Extra info for Money for Nothing: How CEOs and Boards Enrich Themselves While Bankrupting America
Money for Nothing: How CEOs and Boards Enrich Themselves While Bankrupting America by John Gillespie,David Zweig